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Caymans aren’t the only offshore banking location
By plrprousers | February 6, 2009
The Bahamas are known as an island of rest, relaxation and luxury vacations. This archipelago of islands is usually not associated as a nation of finance and offshore banking, unlike the nearby Cayman Islands. More info is available here: Offshore due diligence.
However, long after you visit the hundreds of beautiful tropical islands in the area, you will still be wowed by Bahamas offshore banking! Viewed as the realm of criminals and super rich, offshore banking is portaryed in a derogatory light. Some nations feel that anything offshore is associated with something seedy. Banking internationally and offshore is currently very popular, despite common misconceptions. Totally legal and allowed, there is nothing to be afraid of, given that you are honest with the tax officials in your own nation.
Since Nassau is the capital, it is the center of the financial markets in the Bahamas. The Bahamas is a self-governing country. It has its own system of banking privacy laws as well as a no-tax jurisdiction policy. The local government adheres to standard international laws for all offshore tax haven countries.
Why would the Bahamas be a better place to bank than the Caymans?
Most importantly, what you earn is totally tax free here! So you don’t have to worry about most any kind of tax, including company dividends tax! All it takes to enjoy these benefits is have a special trust arrangement there.
Of course, one of the best advantages besides free taxation is banking secrecy. This keeps all of your financial information from prying eyes. America doesn’t give you this kind of freedom of choice. Hold the phone, aren’t you worried about the IRS? Well, yes, it’s true the IRS is very interested in your earnings and income. Your investments offshore must be reported if you have them. According to the laws of the land, the only way a bank can be forced to turn over your private information is in the event of a Supreme Court verdict. That gives clients confidence that they will not be hassled by any legal entities. You are safe as suspected tax evasion is certainly not going to merit the Supreme Court’s attention!
Don’t forget that your assets are much more protected in an offshore environment. Holding your money locally means you are risking losing it. You see this many times in fields that recieve much legal scrutiny. However, some overseas businesspersons have avoided this risk by setting up an international corporation free from creditors and civil judgments. Investors get easy access to international markets when they start an offshore account. Competitive rates are issued on these things in the international markets mutual funds returns (due to the lack of taxes). Estate planning is also far less complex this way.
With advantages like these it’s no wonder that 50% of the world’s wealth is located in offshore institutions. In fact, many companies are starting to get into the business of offshore banking in the Bahamas. A major source of income here is offshore banking, it is both lucrative and critical. For more information on this subject check here for a Tips to offshore banking .
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